The internet computer price is fighting fiercely to recoup $ 40 support and recoup the heavy losses it suffered last week. In the last 24 hours, Internet Computer Protocol (ICP) has found good support at $ 40 and has recovered nearly 10%. Nonetheless, ICP still has a long way to go to return to the high of $ 88.81 since early September.
Long-suffering ICP bulls are in desperate need of a break. The internet computer protocol was launched on several crypto exchanges in May, at the height of the bull market of 2021. The confusion on day one led to wild price differentials on various exchanges. The ICP token started the day on most trading platforms around $ 220, hitting a high of $ 450. But on the Binance exchange, the ICP token jumped to $ 3,161 before collapsing to $ 204.
Additionally, the crypto market entered a steep decline between May and July, and ICP lost 80% of its value, spending the rest of the summer below $ 40. The ICP token saw a strong rally from the July low, and by September 6 the internet computer price had climbed to $ 88.81. However, the rally was short-lived and ICP slumped -55% to $ 40 in late September.
The crypto market experienced a choppy recovery in October. This morning, Bitcoin (BTC) is trading at a five-month high of $ 58,400 and closes May’s high of $ 64,400. But even though BTC is near an all-time high, ICP is languishing at $ 44.00.
ICP price prediction
The 4-hour price chart shows encouraging signs of a near-term low for ICP. Yesterday the token traded at $ 40.24, where it found support towards the September low of $ 39.70. As a result, the ICP began to increase. Notably, the volume of trade has increased over the past 24 hours, indicating that willing buyers are on the decline. However, a downtrend channel from last week’s high caps the price at $ 45.50. For the ICP to regain bullish momentum, it needs to clear trend resistance. If the price of the internet computer exceeds $ 45.50, the rally could accelerate, targeting the psychological barrier of $ 50.
The bullish view is based on ICP holding the support level of $ 39.50 to $ 40. Subsequently, if the Internet Computer crashes below $ 39.50, this will invalidate the thesis.
Internet Computer Price Table (4 hours)
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